The Financial Accounting Standards Board is slated to meet jointly with its Small Business Advisory Committee (SBAC
) and its Private Company Financial Reporting Committee (PCFRC
- formed jointly a number of years ago by FASB and the AICPA) later this week. The advisory groups will also hold separate meetings. (See the SBAC Handout
The PCFRC will potentially be replaced by a new private company standard-setting advisory group currently under consideration by the FASB's parent organization, the Financial Accounting Foundation, based on the FAF's redeliberation of its proposed Plan to Establish the Private Company Standards Improvement Council (PCSIC) (the 'FAF Plan'
). Discussion of that topic is set for FAF's May 23 meeting, as noted on FAF's recently released meeting agenda
, and as we previously reported here
See also our recent coverage of FASB's live deliberations on private co matters, including the definition of nonpublic entity (aka private co).
In other FASB news, the board is slated to discuss 2 Financial Instruments projects today: Financial Instruments - Impairment, and Financial Instruments, Liquidity and Interest Rate Risk Disclosures. Details are in today's FASB board handout